Access in-depth special reports dedicated to key trends and developments affecting Electronic Payments globally. All reports are editorially independent and designed to provide unique insight.

Company & Market profiles, Exclusive interviews, Opinion pieces and Data can be found exclusively for Subscribers

View Special Reports

Data

Exclusive data compiled by our expert analysts on major trends in the sector.

View Data

Subscriber Editions

Read our latest subscriber edition, as well as the archives, to see features, commentary, analysis and more.

View Subscriber Editions

Country Surveys

Access country reports containing market sizing data along with local insight on trends, topics and issues impacting that countries payments sector

See Country Surveys

Fintrack Editions

Every month, FinTrack will showcase the latest innovations from financial providers around the world. Each innovation is assessed and rated on key criteria, to assist with identifying, tracking & understanding key innovation globally.

View Fintrack Editions

Wells Fargo adds NFC-enabled cash withdrawal capability at ATMs

By Verdict Staff
October 11, 2017

American banking giant Wells Fargo has unveiled ‘tap and pay’ near-field communication (NFC) functionality for the debit card customers at more than 5,000 ATMs across the nation.

The newly added feature will allow customers to initiate an ATM transaction with wearables or mobile wallets like Apple Pay, Android Pay, Samsung Pay as well as Wells Fargo’s own wallet for Android app.

The bank’s customers will get a ‘contactless symbol’ sign on the ATM display following which they are required to enter Wells Fargo debit or EasyPay card personal identification number (PIN) to complete the transaction.

They are currently using the NFC-enabled ATM terminal without a physical card, with the generation of one-time access code through Wells Fargo mobile banking app that was launched in March 2017.

Wells Fargo head of virtual channels Jim Smith said: “According to Forrester, by 2021, mobile payments volume in the U.S. will triple. Our customers are increasingly using mobile to manage their finances and make payments, which makes it ever important for Wells Fargo to provide our more than 20m mobile banking and mobile wallet customers with a seamless mobile authentication and access experience at our ATMs, online, and in our branches.”

Community Bank head of strategy and administration Jonathan Velline added: “This spring’s launch of one-time access code technology at all Wells Fargo ATMs has resulted in nearly three million card-free ATM access code transactions. Card-free ATM use will take another leap as we introduce NFC functionality. The NFC functionality is a second form of card-free access and is an extension of our promise to reach our customers wherever they are and provide value using the mobile option with which they are so comfortable.”

The bank plans to upgrade the rest of the company’s more than 13,000 ATMs with the hardware by 2019.